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Issue 350 - 21st August

  • Market Reports

    • Structured Finance

      • Multifamily in focus during summer slow-down

        August is traditionally a quiet month for the secondary markets, but activity has been picking up in certain sectors. In particular, German multifamily CMBS and Spanish RMBS has piqued the interest of investors. "Activity in European CMBS has picke...

    • CMBS

      • Legacy AMs, AJs attract attention

        US CMBS BWIC volume reached around US$600m yesterday, with SCI's PriceABS data revealing a number of successful and unsuccessful trades from the session. Many of the names out for the bid were legacy AM, AJ and mezz bonds, with spreads generally wide...

    • RMBS

      • Non-agency leans on legacy list

        US non-agency RMBS secondary supply shot up yesterday to around US$1.25bn on the back of a US$1.1bn legacy bid-list. SCI's PriceABS data shows tranches from as far back as 1996 out for the bid, with a couple of post-crisis bonds also circulating. S...

  • News

    • Structured Finance

      • More GSE RMBS sales anticipated

        Quarterly statements released last week by Fannie Mae and Freddie Mac show that CMBS accounts for a disproportionate amount of sales from their legacy holdings so far, at 55%. While the RMBS portfolios are bigger at both GSEs, the proportion of sales...

      • SCI Start the Week - 19 August

        A look at the major activity in structured finance over the past seven days

        PipelineA variety of deals remained in the pipeline at the end of last week. These included two ABS, one RMBS, one CMBS and four CLOs. The ABS comprised US$755.5m CNH Equipment 2013-C (an equipment deal originated by CNH Capital America) and US$800...

    • CMBS

      • Freddie K-Cert A1s look attractive

        Five-year average-life first pay FREMF issuance spreads have widened dramatically over the last three months. The latest A1 tranche priced at swaps plus 68bp, a level which makes the paper very competitive with CMBS 3.0 and PAC CMOs with similar dura...

    • RMBS

      • Ambac supplemental payments discussed

        The segregated account of Ambac Assurance is this month expected to begin making cash payments on certain policies in excess of 25% of permitted policy claims, following an order granted by the Circuit Court for Dane County, Wisconsin. The move is li...

      • FHFA settlement costs increasing?

        UBS last month agreed to settle FHFA claims relating to misrepresented US RMBS sold to Fannie Mae and Freddie Mac for US$885m (SCI 23 July). The settlement amount appears to be relatively high, however, which could result in other banks currently in...

      • Agency prepays to decline sharply

        US agency RMBS prepayment speeds are projected to decline sharply over the next two months as rising mortgage rates continue to dampen refinancing activities. At the same time, housing turnover - due mostly to existing home sales –...

  • Job Swaps

    • Structured Finance

      • CIO group traders charged

        Criminal complaints against Javier Martin-Artajo and Julien Grout for their alleged participation in...

  • News Round-up

      • RFC issued on CSO update

        Moody's is seeking comments from market participants on proposed changes to its rating approach for...

      • MarkitSERV volumes jump

        Over 600,000 trades have been submitted to clearinghouses by MarkitSERV in the period between 11 Mar...

    • RMBS

      • RMBS ratings reviewed

        S&P has completed a review of over 60,000 ratings across more than 5,500 US RMBS. The transa...

      • MSR challenges ahead

        Movement of non-agency RMBS away from banks and into the hands of non-bank servicers continued apace...


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